509 W G St · Alex, OK 73002

$129,900

3 bd · 2.0 ba · 2,050 sqft · SingleFamily · 47 Days on market

Built 1974 Fair condition 0.80 ac lot ↓ 12% since listing

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Why this score? — see what drove the D+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +15.8/30.0
• ARV discount +7.5/15.0
• Appreciation +5.0/10.0
• DSCR +4.9/10.0
• Schools +4.4/10.0
• 1% rule +4.3/10.0
• Livability +2.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0

Listing remarks

Country Charm in Alex, Oklahoma! Well if you’ve been dreamin’ of wide-open spaces and a home with heart, this little piece of paradise in Alex, OK is callin’ your name! This 3-bedroom, 2-bath beauty sits proudly on 10 spacious lots, backin’ right up to peaceful farmland where the cows graze and the sunsets’ll take your breath away. You’ve got two cozy living rooms — perfect for family get-togethers or stretchin’ out with a good book — and a huge laundry room big enough to dance in while the wash runs! Step outside, and you’ll find your very own slice of country heaven: a 2-car garage, carport, gazebo, playhouse, storage buildings,

Key facts

• Gazebo
• Carport
• Huge laundry room

Tags

• TWO COZY LIVING ROOMS
• HUGE LAUNDRY ROOM
• 2 CAR GARAGE
• CARPORT
• GAZEBO
• PLAYHOUSE

Property features AI

Finance

• Other: Homestead exempt; Livestock allowed
• Financial info: Not assumable; Not eligible for loan qualify
• HOA & community: No mandatory association dues

Exterior

• Parking: Asphalt driveway; 2-car garage
• Utilities: Public utilities
• Home design: Single family residence; One-level; Homes faces south
• Construction: Mobile construction with vinyl siding; Composition roof; Combination foundation; Built as existing property
• Exterior features: Covered porch; Open deck; Outbuildings; Interior lot

Interior

• Kitchen: Free-standing gas range; Free-standing gas oven
• Bedrooms: 3 bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric heating
• Interior features: Ceiling fans; Window treatments; Electric fireplace
• Laundry & utility: Garage door lift

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $130k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $59 ($702/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $121k (6.8% below list).
• Recommended offer: $121k (6.8% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 57/100 on livability (#474 in OK) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A-; Watch: employment D+, crime F, amenities F.
• Alex (rural): math 50% / reading 50% proficiency, ranked #36 of 513 in OK (top 7%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Alex Es (math 42% / reading 32%, grade F, #132 of 845 statewide, top 19%, 218 students, 0% FRL); Alex Hs (math 10% / reading 10%, grade F, #361 of 447 statewide, top 94%, 86 students, 0% FRL) — zoned schools average 0% FRL vs 68% district-wide (68 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 24% at this address vs 50% district-wide (-26 pts) — the specific schools serving this property underperform the Alex average; the district grade overstates school quality for this exact location.
• Market conditions: 8 active listings in the ZIP; 224 units permitted in Grady County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $5k of equity ($898 loan paydown + $4k appreciation (3.0% local appreciation)).
• Grady County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 47 days — a 3% lower offer ($126k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $10k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $121,042 (6.8% below list)

Questions for the listing agent

1. It's been on market 47 days. Have you received any prior offers? Is the seller open to a 7% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
9. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
10. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.93% ✗
• Cap rate: 6.83%
• Cash-on-cash: 1.93%
• DSCR: 1.09
• GRM: 8.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 9.3%
• Equity multiple: 1.53×
• Total profit: $19,394
• Equity at exit: $58,409

10-year hold

• IRR: 11.8%
• Equity multiple: 2.76×
• Total profit: $63,862
• Equity at exit: $90,015

Cash invested: $36,372 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 83 Strongly Landlord-Friendly
• State Oklahoma: 83 Strongly Landlord-Friendly · R+20
• County: — inherits STATE
• City: — inherits STATE

5-day notice; strongly landlord-favorable.

Methodology + full state rankings →

ZIP-level market 73002

• Active inventory: 8
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $1,210 medium
• Mortgage (P&I): −$681
• Tax est. 1.5%: −$162 /mo · $1,948/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$254
• Net cashflow: $59

Break-even live

Break-even rent $1,136

Max offer price $129,900

Occupancy floor 90%

Sensitivity live

Price	-10% $148	-5% $103	+0% $59	+5% $14	+10% $-31
Rent	-10% $-37	-5% $11	+0% $59	+5% $106	+10% $154
Rate	-1.0pp $124	-0.5pp $92	base $59	+0.5pp $25	+1.0pp $-9

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-05-04
   status Pending
2. 2026-04-23
   price $129,900
3. 2026-03-17
   listed $139,800 Active
4. 2026-03-16
   historical
5. 2026-01-14
   price $139,900
6. 2026-01-08
   status Active
7. 2025-12-30
   status Pending
8. 2025-11-13
   listed $147,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 6/10 Major 7 d/yr ≥109°F today · 19 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 6% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,525
• − Mortgage interest: −$7,276
• − Property taxes: −$1,948
• − Insurance: −$650
• − Repairs & maintenance: −$1,162
• − Management: −$1,162
• − Depreciation: −$3,779
• Taxable loss: −$1,452
• Est. tax savings @ 24.0%: +$349
• After-tax cash flow: $1,051/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This home requires moderate renovations to update the kitchen and exterior, and improve the interior and exterior paint. It has potential for significant value increase with these updates.

Repairs flagged

• Moderate kitchen cabinets — dated and worn
• Moderate bathroom fixtures — standard and dated
• Moderate exterior siding — weathered and discolored
• Moderate interior walls — paint appears faded

Value-add opportunities

• Both update kitchen cabinets and fixtures — modernizing kitchen will appeal to buyers and renters
• Both paint interior walls — fresh paint will improve curb appeal and interior aesthetics
• Both repair and paint exterior siding — improving exterior appearance will attract buyers and renters
• Both landscape and improve curb appeal — attractive landscaping will enhance curb appeal and attract potential buyers

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and worn	Moderate	$3,000–15,000
bathroom fixtures · standard and dated	Moderate	$3,000–15,000
exterior siding · weathered and discolored	Moderate	$3,000–15,000
interior walls · paint appears faded	Moderate	$3,000–15,000
Total estimated repair cost · 4 items		$12,000–60,000

Value-add ROI direction

• Both update kitchen cabinets and fixtures — modernizing kitchen will appeal to buyers and renters ↑
• Both paint interior walls — fresh paint will improve curb appeal and interior aesthetics ↑
• Both repair and paint exterior siding — improving exterior appearance will attract buyers and renters ↑
• Both landscape and improve curb appeal — attractive landscaping will enhance curb appeal and attract potential buyers ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Alex
• NCES district ID: 4002670
• Math proficiency: 50% ▲ 10.00%
• Reading proficiency: 50% ▲ 10.00%
• Median HH income: $45,715
• Composite: 44.4/100
• National rank: #6116
• State rank: #36 of 513 in OK

Livability — Alex

• Score: 57/100
• State rank: #474
• US rank: #21996

Category grades

Amenities F Commute F Cost of living A+ Crime F Employment D+ Housing A- Health & safety F User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Alex, OK
• Population (ZIP): 1,123

Population outlook (Grady County) Hauer SSP2

• Today (2025): 59,962 people
• By 2030: 62,513 · +4.3%
• By 2040: 67,338 · +12.3%
• By 2050: 71,719 · +19.6%
• By 2075: 82,684 · +37.9%
• By 2100: 89,387 · +49.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (78%)
• Race & ethnicity: White 78% Two or more races 14% Native American 4% Hispanic / Latino 2% Black 1% Asian 1%
• Common ancestry: Lithuanian 7% Romanian 2% Portuguese 1%
• Foreign-born: 2% · China, Canada
• Languages at home: 98% English-only · Chinese 1% Spanish 1%

Political lean MEDSL · Grady

• 2024 margin: Solid R (+62.7) · D 17.9% · R 80.6% · Other 1.5%
• 2008→2024 swing: -16.0pp toward R · 2008: -46.7pp · 2024: -62.7pp
• All cycles: 2024: R+62.7 2020: R+62.3 2016: R+60.3 2012: R+51.2 2008: R+46.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 1.55%
• F500 in state: 6

Industry mix (Fortune 500 HQ in OK)

Industry	F500 HQs	Revenue
▸Energy	3	$48B

Price history

-11.6% since first listed

8 events — show timeline

• 2026-05-04 Pending — MLSOK
• 2026-04-23 Price Changed $129,900 MLSOK
• 2026-03-17 Listed $139,800 MLSOK
• 2026-03-16 Listing Removed — MLSOK
• 2026-01-14 Price Changed $139,900 MLSOK
• 2026-01-08 Relisted — MLSOK
• 2025-12-30 Pending — MLSOK
• 2025-11-13 Listed $147,000 MLSOK